Abu Dhabi – Mubasher: ADNOC Gas announced strong earnings for the third (Q3) quarter of 2024, with net income increasing 11% year-on-year (YoY) to $1.24 billion, according to a press release.
On a quarterly basis, the recorded net profits were higher than $1.18 billion in Q2-24.
This coincides with the board’s approval of an updated growth strategy that targets an increase of over 40% in EBITDA by 2029 and sets capital expenditure (CAPEX) of up to $15 billion for the 2025-2029 period.
Revenues jumped by 8% YoY to $6.28 billion, exceeding $6 billion for the fourth quarter in a row.
The results were driven by higher sales volumes and an improved price environment for export-traded liquids. EBITDA increased 18% YoY to $2.20 billion, yielding a continually robust 35% EBITDA margin.
In the first nine months (9M) of 2024, the net income hiked by 18% YoY to $3.62 billion due to volumes of export traded liquids and LNG rising by 6.50%, sales of gas by 4.50% YoY, and domestic gas by 3.50%.
The nine-month results were improved further by better LPG and LNG pricing, which resulted in an EBITDA of $6.37 billion in the January- September 2024 period.
Acquisition Deal
Meanwhile, the ADX-listed group expects to acquire ADNOC’s 60% stake in the Ruwais Liquified Natural Gas (LNG) plant in the second half (H2) of 2028 at a cost - estimated to be around $5 billion.
On behalf of the ADNOC Group, ADNOC Gas is managing the construction and design of Ruwais LNG, as well as leading the marketing of LNG volumes.
More than 7 mtpa of the project’s total production capacity of 9.6 mtpa has already been committed to international customers.
Ahmed Mohamed Alebri, CEO of ADNOC Gas, commented: “Over the next five years we plan to invest $15 billion in CAPEX in projects which will enable us to capture opportunities from the forecast increase in domestic and global demand for the lower carbon gases we produce.”
When completed, Ruwais LNG will be one of the lowest-carbon-intensity LNG plants in the world. The first of the plant’s two trains is expected to come on stream in H2-28 and the second in early 2029.
